Coinbase (NASDAQ:COIN) denied a $100,000 Bitcoin (CRYPTO: BTC) theft claim from a Coinbase One subscriber, despite the $29.99-a-month service promising up to $1 million in account protection.
The Intuit CRO Who Lost $100,000
Matthew Allan, Chief Risk Officer at Intuit Inc. (NASDAQ:INTU), had nearly $100,000 in Bitcoin stolen from his Coinbase account.
Despite paying for Coinbase One’s account protection, Coinbase told him he was out of luck because he hadn’t turned on certain security settings required by the terms and conditions.
Coinbase maintained that customers own responsibility for all account activity, even when attackers compromise their devices or credentials.
During five months of back-and-forth, Coinbase maintained that customers own responsibility for all account activity, even when attackers compromise their devices or credentials,” according to court records.
Allan sued, a court compelled the complaint into private arbitration, and he may never …
